Businesses are being urged by government to prepare for new trade rules with the EU, regardless of the outcome of the negotiations.
Notably, government advice about what businesses need to know about ‘Trading under WTO rules’ was updated today (26 November), amid renewed speculation that the UK and EU may fail to secure a trade deal.
In the event of a no-deal Brexit, the UK will trade with the EU under tariffs set at WTO level – a significant increase on the tariff-free trade it has nows.
The prime minister also ruled out any extension to the transition period beyond 31 December yesterday.
Businesses are being reminded by government to take action now to prepare for 1 January, saying that new customs processes – including completing customs declarations – will be required regardless of the outcome of the talks.
The Department for Business, Energy and Industrial Strategy (BEIS) have urged businesses to prepare now, including the following steps:
- Watch this video from the Cabinet Office to find out about changes that will take effect post-transition
- Use the transition checker tool for a personalised summary of the actions different business need to take
- Stay up-to-date with the latest developments by signing up to receive a weekly email bulletin and attending a business sector webinar